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COFFEE EXPORTS LIKELY TO REACH $4 BILLION FOR THE SECOND YEAR IN A ROW

13 JULY, 2023 

 

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According to the General Statistics Office, in the first 6 months of 2023, Vietnam exported 1.01 million tons of coffee with a value of 2.4 billion USD, down 2.2% in volume but up 3% in value over the same period last year.

This is the highest level of coffee export turnover in the first 6 months of the year in the past 10 years of Vietnam. With the results achieved, 2023 will likely be the next year that Vietnam achieves a turnover of 4 billion USD in coffee exports (after recording a record of 4 billion USD in 2022).

       Coffee export volume and value in the first 6 months of the year 2013 -2023
... Volume (million tons)  ... Value (billion USD)

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*Coffee export volume and value in the first six months of 2023 using data from the General Statistics Office    
*Source: General Department of Vietnam Customs                                                                                


Although the amount of coffee exports decreased in the first half of 2023, because the world price of Robusta coffee has recorded a continuous upward trend for many months, this has contributed to the positive growth of Vietnam's coffee export turnover. 

In particular, in June 2023 alone, Vietnam exported 150.00 tons of coffee with a value of 392 million USD, up 9.1% in volume and 24.3% in value respectively over the same period in 2022.

             Term July 2023             Term September 2023           

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*Price movements of Robusta coffee for future delivery on the London exchange from the beginning of March 2023 to present (Unit: USD/ton)                                                                                       
*Source: Import and Export Department                                  



According to the Import-Export Department, Ministry of Industry and Trade, the world price of Robusta coffee extended the price increase chain mainly due to the gloomy export activities of Vietnam. According to estimates of the Vietnam Coffee Association (Vicofa), Vietnam's coffee production in the 2022/23 crop year will decrease by 10 -15% compared to the 2021/22 crop year, and the population's inventory is almost exhausted.

Economic recession and inflation remain high in most countries, consumers tend to switch to coffee with lower prices than Arabica coffee. Roasters are forced to respond to this trend and buy more Robusta coffee to mix with Arabica coffee to reduce the price of coffee products to as low as possible to meet market demand. Besides, the selling pressure of Brazil's new crop caused the price of Arabica coffee to decrease.

The Import-Export Department forecasts that in the coming time, the price of Robusta coffee will continue to increase when demand exceeds supply, which has had a positive impact on the price of this commodity. Unfavorable weather raised concerns that Robusta coffee from major producers such as Vietnam and Indonesia would be affected, leading to soaring prices.

Origin: Mekong Asean magazine 

 
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